Bank of New York Mellon Corp Trims Holdings in Adeia Inc. (NASDAQ:ADEA)

Bank of New York Mellon Corp trimmed its holdings in Adeia Inc. (NASDAQ:ADEA) by 5.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,067,422 shares of the company’s stock after selling 56,653 shares during the quarter. Bank of New York Mellon Corp owned 0.98% of Adeia worth $14,111,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Castlekeep Investment Advisors LLC purchased a new position in shares of Adeia in the 4th quarter valued at approximately $25,000. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Adeia in the fourth quarter worth $33,000. GAMMA Investing LLC increased its holdings in shares of Adeia by 80.9% during the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company’s stock valued at $48,000 after acquiring an additional 1,611 shares in the last quarter. Cibc World Markets Corp bought a new position in Adeia in the 4th quarter worth about $142,000. Finally, EntryPoint Capital LLC bought a new stake in Adeia during the 4th quarter valued at about $168,000. 97.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADEA. Roth Capital began coverage on shares of Adeia in a report on Friday, June 20th. They issued a “buy” rating and a $26.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $17.00 price target on shares of Adeia in a research report on Tuesday, May 6th. Finally, BWS Financial reiterated a “buy” rating and issued a $18.00 price target on shares of Adeia in a research report on Wednesday, July 9th.

Adeia Trading Down 2.3%

Shares of ADEA opened at $13.82 on Friday. Adeia Inc. has a twelve month low of $9.68 and a twelve month high of $17.46. The company has a current ratio of 2.94, a quick ratio of 2.94 and a debt-to-equity ratio of 1.13. The company’s fifty day simple moving average is $13.71 and its 200-day simple moving average is $13.48. The company has a market cap of $1.50 billion, a P/E ratio of 20.94 and a beta of 1.59.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Tuesday, May 27th were given a $0.05 dividend. The ex-dividend date was Tuesday, May 27th. This represents a $0.20 annualized dividend and a dividend yield of 1.45%. Adeia’s payout ratio is presently 30.30%.

About Adeia

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.